How to calculate maturity value of savings bond

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How to calculate maturity value of savings bond

U.S. savings bonds are issued by the U.S. Treasury and purchased through payroll savings plans and at banks. Paper savings bonds are issued in denominations starting at $50 up to $10,000. The actual value of a savings bond will only be the face amount one time in the bond's life. Savings bonds -- series EE -- are purchased for onehalf of the face amount. For example, a $200 bond is bought for $100. The bond then earns interest and builds value toward the $200 denomination. The initial interest rate is unchanged until the bond is redeemed. Savings bonds earn interest every month and the interest compounds every six months. On the compounding date, the interest earned over the previous six months is added to the value used to compute the monthly interest. The current value of any U.S. savings bond can be determined using calculators available on the Treasury Direct website. The Tools menu provides an online calculator that gives the current value of a single bond. The website also offers the Savings Bond Wizard software, which can be downloaded and installed in a personal computer. The information for a collection of bonds can be entered into the Savings Bond Wizard and the values will be automatically updated every month. Series EE U.S. savings bonds are guaranteed to reach their denomination value no later than 20 years after issue. This means the $200 bond purchased for $100 will be worth the $200 by no later than the 20-year anniversary of the bond. If a bond has not earned enough interest to double in value then, the Treasury will make a one-time interest adjustment to bring the bond up to the face value. U.S. savings bonds can be redeemed anytime after one year after the bond's issue month. Savings bonds will continue to earn interest for up to 30 years. The value calculated by the Treasury Direct online calculator is the amount the bond owner will receive if the bond is redeemed during the current month. Bond owners can continue to hold bonds after the 30 year point, but no more interest will be earned. A series EE U.S. savings bonds will earn interest for up to 30 years, at which point a bond reaches final maturity. Since May 2005, EE bonds have been issued earning a fixed rate of interest, so a final value can be fairly accurately determined with a couple of easy calculations. Older series EE bonds earn variable rates, which can change twice a year. The projected value of one of these bonds will be more of a ballpark figure. For newer series EE bonds, issued after April 2005, start by looking up the interest rate for your savings bond if you do not already know the rate. Rates for new bonds are set every May 1st and November 1st by the U.S. Treasury. The rate for any savings bond can be found in the Redemption Tables available on the website. Find the tables by typing "redemption tables" in the search bar across every page of the website. Determine the month when your bond will double in value. Current issue series EE bonds are guaranteed to double in no longer than 20 years. At the time of publication, no savings bond has been issued earning a high enough interest rate to double sooner than 20 years. For example, a $1,000 savings bond with an initial cost of $500 issued in July 2006 will be worth the $1,000 in July 2026. Multiply the interest rate times 11 and add one to obtain a multiplication factor to calculate the bond growth from year 20 to year 30. For example, if the bond is earning 3.2 percent, the multiplication is 0.032 times 11 equals 0.352 plus 1 equals 1.352. Now, multiply the factor times the bond's 20 year value to get an estimated 30 year value. The example $1,000 bond times the 1.352 gives an estimated maturity value of $1,352. Here, you'll need to calculate the date the bond will at least double in value. Guarantee value dates are based on the month of issue. Here are the guarantee times for bonds issued back to March 1993: March 1993 through April 1995: 18 years May 1995 through May 2003: 17 years June 2003 to the present: 20 years For example, a bond issued in June 2000 will double its investment value ? reach the denomination value ? in June 2017. Look up the current rate of interest being earned by your savings bond. At the time of publication, savings bonds issued from 1993 through April 2005 were earning between 3 and 4 percent. Multiply your bond's guarantee / face value times the appropriate factor to obtain an estimated 30 year value. If the interest rate is close to 3 percent us a factor of 1.5. If the rate is closer to 3.5 percent, use 1.6 and if the rate is near 4 percent, use 1.7. Using the June 2000 bond with a face value of $1,000, the current rate is 3.4 percent. Multiply $1,000 times the 1.6 factor and the bond will be worth approximately $1,600 at the 30 year point. Bear in mind that interest rates on savings bonds have been running at record low levels. If rates increase in the future, the values of savings bonds at maturity may be slightly higher than the calculated estimates. Paper series EE savings bonds are purchased for one-half of the face value. For example, $1,000 bond initially cost $500. The U.S. Treasury guarantees that it will double to face value in 20 years. Dear Dr. Don, I have $4,000 in Series EE savings bonds purchased June 8, 1992. What are they worth today? Each savings bond is a $100 face value bond. -- Emma Evaluates Dear Emma, Because paper savings bonds are sold for half of their face value, I'm not sure if you have $4,000 in face value of Series EE savings bonds, or you invested $4,000 in such bonds -- which would give you $8,000 in face value. I'm going to assume the former, but the tools provided in the answer will allow you to calculate the value either way.You can download the Savings Bond Wizard to calculate the current value of your bonds, or use the Savings Bond Calculator if you'd prefer not to download the Wizard.I used both methods to arrive at the results for $4,000 in face value of Series EE savings bonds, as shown in the table below. The key difference is that the wizard will show you the yield to date, while the calculator doesn't show that yield. Series EE savings bond totals Series EE Denomination $4,000 Issue date June 1992 Next accrual December 2009 Final maturity June 2022 Issue price $2,000 Interest $2,956.80 Interest rate 4 percent Yield 5.41 percent Value $4,956.80 You're currently earning 4 percent on these bonds and your yield to date has been 5.41 percent. If you're thinking about redeeming the bonds, wait until their next interest accrual date, which is Dec. 1. The TreasuryDirect Web page "When Interest is Added to Your Bonds" explains why you should wait.Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "Financing a home," "Saving & Investing" or "Money." Read more Dr. Don columns for additional personal finance advice. U.S. savings bonds are long term savings certificates issued by the U.S. Treasury. The traditional series EE savings bonds earn a fixed rate of interest until a bond is redeemed or reaches final maturity. Paper EE bonds are sold for one-half of the denomination value and the interest earned accrues towards the guarantee of the bond eventually being worth the denomination printed on the bond. Look at your savings bond and make a note of the issue date. The Treasury issues bonds by month, so the issue date will be a month and year. Add the following number of years to the issue date to obtain the guaranteed value date: Issue date: June 2003 to the present: 20 years. May 1995 to May 2003: 17 years. March 1993 to April 1995: 18 years. For example, a series EE savings bond issued in August 1998 will reach its denomination value -- doubling the original investment amount -- no later than August 2015. Add 30 years to the issue date for the final maturity date of your savings bond. Any savings bond will continue to earn interest for up to 30 years. At that point the Treasury considers a bond to be fully matured and the bond will no longer earn interest. Tips If a series EE bond has not earned enough interest to double in value by the guarantee date, the Treasury will make a one-time interest credit to the bond's value to bring it up to the guarantee. Electronic series EE bonds are sold with a face value equal to the purchase price. The electronic version of the EE bonds will double in value on the same date as with paper bonds. Series I bonds earn a variable rate of interest based on the rate of inflation. I bonds also reach final maturity at 30 years.

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